Morneau tries to turn tables on Tories
OTTAWA Bill Morneau suggested Tuesday that it was their own personal financial interests that motivated Conservative MPs to oppose reforms aimed at ending tax advantages for wealthy owners of private corporations.
The federal finance minister levelled the charge as the Liberals attempted to turn the tables on the Conservatives, who continued to accuse Morneau of conflict of interest over to his decision not to put his own considerable assets in a blind trust.
Since the furor over his personal fortune arose two weeks ago, Morneau has promised to sell his shares in his family human resources and pension management company, Morneau Shepell, and donate to charity any gains in the value of those shares since taking office in 2015. He has also promised to place all his other assets in a blind trust.
But the Conservatives have not let up on the issue. On Tuesday, they hammered away at the six numbered companies owned by Morneau, demanding to know precisely what assets they hold.
Morneau countered with the fact that 21 Conservative MPs are themselves owners of private numbered corporations.
“We also know that the members on the other side of the House argued vociferously against the changes that we wanted to make to make sure our tax system was fair,” he told the House of Commons.
“Therefore, while we were working on behalf of Canadians ... they were focused on the advantages that 1.7 per cent of those privately incorporated individuals might have. While they protect their interests, we will protect the interests of Canadians.”
While Conservative MPs repeatedly rhymed off the numbered companies owned by Morneau, he began reciting the companies owned by Conservatives.
“I can do this bingo game too,” Morneau said.
Conservative finance critic Pierre Poilievre retorted that not one of those 21 Tory MPs “owns stocks in a company that he or she regulates. Only the finance minister has that distinction.”
Morneau owns some $21 million worth of shares in Morneau Shepell. Those shares are held by a numbered Calgary-based holding company, which is majority owned by an Ontario numbered company of which Morneau is the sole owner.
He jointly owns four other numbered real estate holding companies with his siblings, all of which are involved in condominiums in Florida.
Because the Morneau Shepell shares are not held directly by Morneau, federal ethics commissioner Mary Dawson advised him in 2015 that he did not need to divest them or put them in a blind trust. Rather, she recommended that he set up a conflict of interest screen to ensure he was not involved in any discussion or decision that could benefit Morneau Shepell.